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Hua Nan Bank's New York branch not involved in money laundering

2017/10/21 20:08:52

Su Jain-rong (蘇建榮, CNA file photo)

Taipei, Oct. 21 (CNA) Vice Finance Minister Su Jain-rong (蘇建榮) denied claims that the New York branch of Hua Nan Commercial Bank is involved in money laundering during an interview with CNA on Saturday.

Speaking on the phone with CNA, Su said the reason the New York State Department of Financial Services (NYDFS) is investigating the Taiwanese bank's New York branch is unrelated to money laundering.

Citing responses the ministry has received from Hua Nan Financial Holdings, the vice minister said the bank is being investigated for procedural failings, which cannot be revealed at the moment because of the ongoing investigation.

Hua Nan Financial Holdings released a statement on the same day stressing that the investigation does not involve potential money laundering and indicating the group will accept changes proposed by NYDFS and adopt any necessary reforms.

As the managing body for financial institutions, the Ministry of Finance will ensure Hua Nan Bank implements any proposed changes to ensure its New York branch is in full compliance with local regulations, Su said.

(By Chiu Po-sheng and Kuan-lin Liu)